Islamabad, Mobilink Microfinance Bank

The meeting also discussed Fertilizer situation and was informed that there is no shortage of Fertilizers and urea in the country. M/o Industries and Production in consultation with M/o NFS&R and provincial governments has been asked to make a plan for provision of subsidy for DAP to farmers before the upcoming Kharif season. NPMC was informed that prices of Tomatoes, Eggs, Hi-Speed Diesel, Petrol Super, Garlic, Pulse Moog, Pulse Masoor, Onions, Wheat Flour Bag, Sugar, Potatoes, Pulse Mash, Gur and Chillies Powder have shown decline in the prices during the last week. Welcoming Mr. Shixin Chen, Finance Minister Mr. Shaukat Tarin said that the ADB has always been a source of support in pursuing reform agenda and implementing various development projects for the country. He acknowledged the longstanding partnership and firm commitment of Asian Development Bank as a major partner for bringing essential reforms in priority areas including energy, fiscal & debt management and socio-economic development. The provincial authorities of Punjab, Sindh and Balochistan were directed to take administrative actions for ensuring the minimum wholesale and retail gap in the prices of daily commodities like potato, onion and potatoes.

Mr. Knut Ostby appreciated and supported the efforts taken by the present government for improvement in social and economic sectors. He re-affirmed UNDP’s commitment to continue support for the implementation of Ehsaas, Kamyab Pakistan Program , and explore further areas to support Pakistan in its efforts for sustainable development. Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Shixin Chen, Vice President Asian Development Bank at Finance Division today.

Business Wants Nothing But An End To Uncertainty

The GC approved regulations for smooth operations of Trade Information Portal which is being launched by PSW Company in this month to fulfill Pakistan’s commitment under WTO’s Agreement on Trade Facilitation. While giving approval on other key matters the GC also gave directions to relevant Ministry for ensuring immediate utilization of integration with PSW system. ECC also approved Technical Supplementary Grant of Rs. 3500 Million in favour of Higher Education Commission for the Project titled “Pak University of Engineering and Emerging Technologies . ECC also approved Technical Supplementary Grant amounting to Rs. 200 million to Pakistan Military Accounts Department for conversion of Pensioners to Direct Credit System. On the proposal of providing vegetables at Utility Store Corporation outlets, MD USC informed that such facilities have been started at USC outlets in the Capital territory while for provinces the consultation is in process with the relevant authorities.

Pm Shehbaz Summons Urgent Meeting Of Economic Experts

The Finance minister appreciated the efforts being made by Pakistan’s Embassy in Saudi Arabia for playing as the government’s interface. He also assured complete support of Ministry of Finance to BOI and the Embassy for their internal capacity building efforts. Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting of Economic Coordination Committee of the Cabinet today. Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Federal Secretaries and senior officials attended the meeting. Implementation of PSW is helping Pakistan to indigenously establish a single electronic platform to virtually regulate imports, exports and transit trade. This platform is also enabling Pakistan to become more competitive by integrating with fast evolving platforms at national regional and global level.

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the Steering Committee meeting of Kamyab Pakistan Program at Finance Division, today. Adviser to the Prime Minister on overseas Pakistanis and Human Resource Development, Mr. Ayub Afridi, Secretary Finance, Secretary Overseas Pakistanis & HRD, President Bank of Punjab, Chairman SECP, CEO Akhuwat Foundation and other senior officers attended the meeting. Mr. Knut Ostby, Resident Representative UNDP, briefed about UNDP’s commitment toward achieving Sustainable Development Goals . He maintained that for developing countries, it is easier to achieve SDGs with support of multilaterals and engagement with the private sector. He further said that ‘development for everybody’ is at the center of UNDP’s development agenda. On the same lines, UNDP is focusing on sustainable investment potential present in the private sector of Pakistan.

The Chair directed the Balochistan authorities to ensure stability in the prices of Wheat flour by maintaining the daily release of Wheat to the Flour Mills. The Finance Minister asked the relevant authorities to analyze and estimate the wheat stocks closely. Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Azfar Ahsan, Chairman BOI and H.E Ameer Khuram Rathore, Ambassador of Pakistan to Kingdom of Saudi Arabia at Finance Division today. The delegation apprised the Finance Minister of certain issues and challenges impeding the growth of Capital market in Pakistan and sought support of government to resolve their issues. They requested for providing tax incentives on Capital gain and investment in stock exchange. Federal Ministry for National Food Security & Research Syed Fakhar Imam, Minister of Energy Hammad Azhar, Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Governor SBP, Federal Secretaries and other senior officers also attended the meeting.

It was informed that 33 food items contributed decline in the SPI by -0.14%, whereas 18 non-food items contributed increase of 0.22%. During the week, prices of Tomatoes declined by 0.11%, Chillies Powder 0.26%, Eggs 0.05% and others 0.04%. NPMC was also briefed on weekly SPI which decreased by 0.50% in the week as compared to previous week which was increased by 0.40%. It was informed that 33 food items contributed decline in the SPI by -0.44%, whereas 18 non-food items contributed -0.06%. Welcoming UNDP team, Finance Minister Mr. Shaukat Tarin gave an overview about the on-going economic challenges and respective reform projects being undertaken by the present Government.

The two sides discussed about the potential for increased collaboration and investment in the various sectors including agriculture, food security, Information Technology, infrastructure development, Refinery and vowed to extend business and economic ties. Ministry of Energy submitted another summary on reimbursement of price differential claims of oil marketing companies and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs. 10 per litre. The price differential would be paid to the Oil Marketing Companies/ Refineries by the Government as a subsidy to avert any shortage in the market. The ECC approved special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs. 20 billion to PSO in accordance with the mechanism. The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice comparing with last year. Currently, in the month of January, there has been significant increase in its prices approximating 1351 per ton.